By Pavithra Murugan

India Ratings and Research (Ind-Ra) has migrated KSA Powerinfra Private Limited’s Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the surveillance exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as ‘IND D(ISSUER NOT COOPERATING)’ on the agency’s website. The instrument-wise rating actions are given below:

Instrument Type

Date of Issuance

Coupon Rate

Maturity Date

Size of Issue (million)

Rating

Rating Action

Fund-based facilities (Long-term)

-

-

-

INR180

IND D(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Non-fund-based facilities (Short-term)

-

-

-

INR650

IND D(ISSUER NOT COOPERATING)

Migrated to non-cooperating category

Proposed fund-based facilities*

-

-

-

INR170

WD

Withdrawn*

Proposed non-fund-based facilities*

-

-

-

INR550

WD

Withdrawn*

*The ratings has been withdrawn since it was outstanding for more than 180 days. 

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 13 December 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2007, KSA Powerinfra is an engineering, procurement and construction company engaged in the execution of several turnkey projects such as setting up of electric substations (up to 400kV), transmission lines, wind power projects, co-generation plants, process plants and industrial electrification.


RATING HISTORY

Instrument Type

Current Rating

Historical Rating/Outlook

Rating Type

Rated Limits (million)

Rating

13 December 2019

18 December 2018

4 December 2017

Issuer rating

Long-term

-

IND D(ISSUER NOT COOPERATING)

IND D

IND BBB/Stable

IND BBB/Stable

Fund-based facilities

Long-term

INR180

IND D(ISSUER NOT COOPERATING)

IND D

IND BBB/Stable

IND BBB/Stable

Non-fund-based facilities

Short-term

INR650

IND D(ISSUER NOT COOPERATING)

IND D

IND A2

IND A2


COMPLEXITY LEVEL OF INSTRUMENTS

For details on the complexity level of the instruments, please visit https://www.indiaratings.co.in/complexity-indicators.
 

SOLICITATION DISCLOSURES

Additional information is available at www.indiaratings.co.in. The ratings above were solicited by, or on behalf of, the issuer, and therefore, India Ratings has been compensated for the provision of the ratings. 

Ratings are not a recommendation or suggestion, directly or indirectly, to you or any other person, to buy, sell, make or hold any investment, loan or security or to undertake any investment strategy with respect to any investment, loan or security or any issuer.

ABOUT INDIA RATINGS AND RESEARCH

About India Ratings and Research: India Ratings and Research (Ind-Ra) is India's most respected credit rating agency committed to providing India's credit markets accurate, timely and prospective credit opinions. Built on a foundation of independent thinking, rigorous analytics, and an open and balanced approach towards credit research, Ind-Ra has grown rapidly during the past decade, gaining significant market presence in India's fixed income market. 

Ind-Ra currently maintains coverage of corporate issuers, financial institutions (including banks and insurance companies), finance and leasing companies, managed funds, urban local bodies and project finance companies. 

Headquartered in Mumbai, Ind-Ra has seven branch offices located in Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Kolkata and Pune. Ind-Ra is recognised by the Securities and Exchange Board of India, the Reserve Bank of India and National Housing Bank. 

India Ratings is a 100% owned subsidiary of the Fitch Group.

For more information, visit www.indiaratings.co.in.

DISCLAIMER

ALL CREDIT RATINGS ASSIGNED BY INDIA RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTPS://WWW.INDIARATINGS.CO.IN/RATING-DEFINITIONS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE WWW.INDIARATINGS.CO.IN. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. INDIA RATINGS’ CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE, AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE CODE OF CONDUCT SECTION OF THIS SITE.

Applicable Criteria

Analyst Names

  • Primary Analyst

    Pavithra Murugan

    Analyst
    India Ratings and Research Pvt Ltd Harmony Square 3rd Floor, Door No. 48 & 50 Prakasam Street T Nagar Chennai - 600017
    +91 44 43401713

    Media Relation

    Ankur Dahiya

    Manager – Corporate Communication
    +91 22 40356121